The Registrar-General, Jemima Oware, says companies that fail to file their returns by the end of June 2021, risk having their names struck out of the list of businesses in Ghana.
She said about 200,000 companies have since 2011 failed to file their annual returns and financial statements despite several notices and reminders.
Speaking on the second virtual forum of the #CitiBusinessFestival on Citi TV on Tuesday, Jemima Oware said the deletion process will start in July 2021.
“Since 2011 when we introduced the new e-registrar software, I have over 200,000 businesses that have not filed their annual returns basically because some of them think they’ve not done business, COVID-19 has come among others. We gave extensions for people to file annual returns, and we extended it to almost one year, and we allowed businesses to hold Annual General Meetings virtually. We gave all these dispensations, but now the time is up. By the end of June 30, we are going to start another round of penalties,” she said.
“Anytime you come back and want to resurrect it [your company after its name is struck out], you would have to go to the court, and at the court, the decision is at the judge’s discretion,” she added.
The Registrar General’s Department in April 2021 issued its third and final public warning of its intention to purge its Register of names of dormant companies pursuant to Section 289 of the Companies Act, 2019 (Act 992).
Companies that have their names expunged from the register would have to go to the law courts to have their business restored.
Jemima Oware said such a process can be avoided if the dormant businesses pay the required GH¢50 in addition to the yearly penalty of GH¢450, and file their returns as expected of them.
She further dispelled the notion that companies must have carried out business within the year under review before they file their returns.
“When you file an annual return, you are updating the Registrar General on changes that have taken place in your company, whether you’ve carried out any business or not. It is just GH¢50,” she stated.
Citi Business Festival
The virtual business fora of the Citi Business Festival will be live on Citi TV every Tuesday from 11:00 am to 1:00 pm for the month of June.
The on-air series on the Citi Breakfast Show also airs from Monday to Thursday at 9:20am. The sessions on radio have been themed to correspond with the virtual fora.
This year’s edition is hinged on five thematic areas, namely:
Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.
Week 2: Doing business in Ghana.
Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.
Week 4: Trade – AfCFTA: Opportunities for investment & Job creation in Ghana.
Week 5: Oil and Gas – The opportunities for indigenous businesses.
The Citi Business Festival is sponsored by Absa Bank, Ghana, with support from IT Consortium and the Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.
The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.